The inflation panic is causing some Democrats to pivot from social spending to deficit reduction. That’s exactly the wrong approach.
Top 1.0% of earners see wages up 179% since 1979 while share of wages for bottom 90% hits new low
This reconciliation bill is being opposed by every Republican in Congress as well as the drug companies, the insurance companies, the fossil fuel industry and the billionaire class. They want to maintain the status quo in which the rich get richer.
New York’s economic development policy was all about developing the pocketbooks of campaign donors and leaving working class and poor New Yorkers behind, cutting out small businesses, favoring cronies, leaving communities struggling for resources.
“The sheer magnitude of lost revenue is striking. It is equal to 3% of GDP, or all the income taxes paid by the lowest earning 90% of taxpayers."
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Some of the wealthiest Americans use a strategy called Buy, Borrow, Die to dramatically reduce their tax bills while their fortunes continue to grow.
“We’ve got to be able to pass Schools and Communities First, as one measure, and then come back with another measure, and another, so that we make the rich pay their fair share.”
US billionaires’ wealth is soaring while millions remain unemployed, creating a country with two economies and increased inequality
Billions are going to zillionaires under the guise of pandemic relief. While President Trump and his allies in Congress seek to tighten access to food stamps, they are showing compassion for one group: zillionaires.
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